ETHYX vs. ESIIX

Last updated Jun 24, 2026

ETHYX (Eaton Vance High Yield Municipal Income Fund) and ESIIX (Eaton Vance Strategic Income Fund Class I) are both mutual funds - ETHYX is a High Yield Muni fund managed by Eaton Vance, while ESIIX is a Multisector Bonds fund actively managed by Eaton Vance. Over the past 10 years, ETHYX returned 2.80%/yr vs 5.26%/yr for ESIIX. At a 0.13 correlation, their price movements are largely independent. ETHYX charges 0.73%/yr vs 1.21%/yr for ESIIX.

Performance

ETHYX vs. ESIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield Municipal Income Fund (ETHYX) and Eaton Vance Strategic Income Fund Class I (ESIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHYX achieves a 3.17% return, which is significantly higher than ESIIX's 2.33% return. Over the past 10 years, ETHYX has underperformed ESIIX with an annualized return of 2.80%, while ESIIX has yielded a comparatively higher 5.26% annualized return.

ETHYX

• 1D: -0.12%
• 1M: 2.13%
• YTD: 3.17%
• 6M: 3.81%
• 1Y: 8.87%
• 3Y*: 5.23%
• 5Y*: 1.32%
• 10Y*: 2.80%

ESIIX

• 1D: -0.15%
• 1M: 0.74%
• YTD: 2.33%
• 6M: 2.69%
• 1Y: 9.39%
• 3Y*: 8.76%
• 5Y*: 5.43%
• 10Y*: 5.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHYX vs. ESIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHYX Eaton Vance High Yield Municipal Income Fund	3.17%	3.97%	5.17%	6.93%	-12.25%	3.87%	3.90%	10.07%	1.46%	7.97%
ESIIX Eaton Vance Strategic Income Fund Class I	2.33%	12.46%	6.66%	8.52%	-2.32%	1.59%	7.80%	7.65%	-2.44%	5.16%

Correlation

The correlation between ETHYX and ESIIX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 3, 2009	0.13

Over the past year, ETHYX and ESIIX have become more correlated (0.49) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

ETHYX vs. ESIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHYX

ETHYX Risk / Return Rank: 76
ETHYX Sharpe Ratio Rank: 83
ETHYX Sortino Ratio Rank: 91
ETHYX Omega Ratio Rank: 90
ETHYX Calmar Ratio Rank: 65
ETHYX Martin Ratio Rank: 52

ESIIX

ESIIX Risk / Return Rank: 92
ESIIX Sharpe Ratio Rank: 97
ESIIX Sortino Ratio Rank: 96
ESIIX Omega Ratio Rank: 95
ESIIX Calmar Ratio Rank: 86
ESIIX Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETHYX vs. ESIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund (ETHYX) and Eaton Vance Strategic Income Fund Class I (ESIIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETHYX	ESIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	3.35	-0.85
Sortino ratio: Return per unit of downside risk	4.16	4.90	-0.74
Omega ratio: Gain probability vs. loss probability	1.62	1.76	-0.14
Calmar ratio: Return relative to maximum drawdown	2.97	3.94	-0.97
Martin ratio: Return relative to average drawdown	10.11	14.84	-4.73

ETHYX vs. ESIIX - Sharpe Ratio Comparison

The current ETHYX Sharpe Ratio is 2.50, which is comparable to the ESIIX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of ETHYX and ESIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHYX vs. ESIIX - Drawdown Comparison

The maximum ETHYX drawdown since its inception was -43.98%, which is greater than ESIIX's maximum drawdown of -26.87%. Use the drawdown chart below to compare losses from any high point for ETHYX and ESIIX.

Drawdown Indicators

	ETHYX	ESIIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	-26.87%	-17.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.44%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-7.79%	-2.46%	-5.33%
Max Drawdown (5Y) Largest decline over 5 years	-17.10%	-6.18%	-10.92%
Max Drawdown (10Y) Largest decline over 10 years	-17.10%	-12.25%	-4.85%
Current Drawdown Current decline from peak	-0.12%	-0.44%	+0.32%
Average Drawdown Average peak-to-trough decline	-3.97%	-4.71%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.65%	+0.24%

Volatility

ETHYX vs. ESIIX - Volatility Comparison

Eaton Vance High Yield Municipal Income Fund (ETHYX) and Eaton Vance Strategic Income Fund Class I (ESIIX) have volatilities of 0.94% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHYX	ESIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.90%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.30%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	2.87%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	3.21%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	3.17%	+1.51%

ETHYX vs. ESIIX - Expense Ratio Comparison

ETHYX has a 0.73% expense ratio, which is lower than ESIIX's 1.21% expense ratio.

Dividends

ETHYX vs. ESIIX - Dividend Comparison

ETHYX's dividend yield for the trailing twelve months is around 4.40%, less than ESIIX's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESIIX Eaton Vance Strategic Income Fund Class I	7.38%	7.01%	7.23%	7.19%	5.82%	4.57%	4.44%	5.29%	4.25%	3.95%	4.18%	4.59%
ETHYX Eaton Vance High Yield Municipal Income Fund	4.40%	5.43%	4.56%	3.36%	3.85%	3.04%	3.41%	4.66%	3.82%	3.74%	4.04%	4.10%

Frequently Asked Questions

Can I hold both ETHYX and ESIIX in my portfolio?

ETHYX and ESIIX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHYX or ESIIX?

ETHYX has higher volatility (0.94%) compared to ESIIX (0.90%). In terms of maximum drawdown, ETHYX dropped -43.98% vs ESIIX's -26.87%.

Which has better risk-adjusted returns?

ESIIX currently has the higher Sharpe Ratio (3.35 vs 2.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.